This morning Canberra made a historic quarter billion dollar bet on a home-made EV supply chain… Bryah says it’s going to pay off
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Bryah Resources has emerged as a clear winner after the Australian Government pledge of $243 million into securing a homegrown supply chain for electric vehicle materials.
Bryah will have a frontline role in a $50 million manufacturing grant awarded to Australian Vanadium under the Modern Manufacturing Initiative Collaboration Stream.
Australian Vanadium’s project to deliver ‘green-fuelled’ vanadium for the steel and vanadium battery sector in WA’s mid-west has major project status from the Feds and Lead Agency status from the State Government.
“China currently dominates around 70% to 80%of global critical minerals production and continues to consolidate its hold over these supply chains,” Energy and Industry Minister Angus Taylor said in a statement.
“This initiative is designed to address that dominance.”
Australia has enormous volumes of rare earth minerals but until now no backing at all for driving domestic production capacity,, partly because China has refined the minerals cheaply, while tearing through the environment to get at them.
The move has geopolitical significance, ensuring the Federal Government comes good on its enormous promise.
Bryah Resources (ASX:BYH) will enter the picture as a collaborator, delivering the recovery of essential metals – nickel, copper and cobalt – from the tails stream.
Each is an essential metal in the electric vehicle and battery supply chain, with prices for already trading around all time highs.
“We are very pleased to hear that AVL has been awarded a grant for its Australian Vanadium Project,” Bryah CEO Ashley Jones told Stockhead.
“Part of the grant involves collaboration on critical battery metals recovery with Bryah.
“Bryah is pleased to be able to leverage AVL’s success with this grant to complete further studies on realising the significant strategic value of the Ni, Co and Cu within the mine tailings at the Australian Vanadium Project.”
Scoping study work for the sulphide flotation project at Australian Vanadium is under way, while an update of the nickel, copper and cobalt resource is due after the AVL feasibility study is released.
Gabanintha currently contains a total base metals resource of 31.3Mt at 761ppm nickel, 210ppm copper, 228ppm cobalt and 0.2% sulphur.
This article was developed in collaboration with Bryah Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.